Schmier & Feurring spends $38M on Doral shopping center

Schmier & Feurring Properties just purchased a Bed Bath & Beyond-anchored shopping center in Doral for $37.9 million, a source close to the deal confirmed.

The Boca Raton-based retail and office developer acquired the 107,000-square-foot shopping center at 10640 Northwest 19th Street for about $355 per square foot. An affiliate of Retail Properties of America Inc. sold the property and transferred the leasehold interest to Schmier & Feurring.

Records show the deed traded hands for $7.34 million and the leasehold interest for about $30 million.

RPAI, a real estate investment trust based in Oak Brook, Illinois, paid $10.3 million for the Bed Bath & Beyond Plaza ground lease in 2014. The nearly 10-acre retail center, next to Miami International Mall, was built in 2003.

Schmier & Feurring, led by Robert Schmier and Douglas Feurring, is working with Giles Capital Group and Rosemurgy Properties to build a mixed-use development on agricultural land west of Boca Raton. The company also developed University Commons near Florida Atlantic University, which sold for $80.5 million in 2015.